More reserves found in old oil field

One of Ecuador’s oldest oil fields will be productive for many more years than expected, according to new survey. The U.S. geological firm Ryder Scott has certified that 243 million barrels of oil remain in the ground at the Sacha production area in northern Orellana Province.

Discovered in 1969, Sacha has been one of Ecuador’s most productive oil fields but it was thought to be within several years of being pumped dry. The confirmation of the new reserves mean the field will remain producted for an additional 10 years.

Annual royalties from the Sacha field have average $2 billion over the last two decades.